When Saul “Canelo” Alvarez relinquished the WBC middleweight championship belt this week, many saw it as proof Alvarez was avoiding a much-anticipated bout with Gennady “GGG” Golovkin this fall. But Golovkin’s promoter said negotiations on the bout are continuing and he’s hopeful a fight will still be made.

“Canelo is not hiding from Gennady,” said Tom Loeffler of K2 Promotions. “It’s clear they want to continue to negotiate.”

Madison Square Garden is among the venues being considered to host the mega-fight, but that possibility is in jeopardy because of the increase in insurance requirements scheduled to start on Sept. 1.

As previously reported in The Post, the bill signed by Gov. Cuomo last month to legalize Mixed Martial Arts in the state contained a clause requiring promoters of boxing and MMA events to carry, among other things, $1 million of insurance on each fighter in case of a traumatic brain injury.

If no insurance is obtained, promoters are required to put a $1 million guarantee.

Loeffler said the massive cost and risk for such insurance could diminish the chances of Canelo-Golovkin being held at the Garden in mid-September.

“The Garden is interested in the fight, so is AT&T Stadium, Las Vegas and Dodgers Stadium,” Loeffler said. “If you have a different challenge at one jurisdiction over another, it makes it more challenging to go there. It could make the difference and affect the decision.”

Language in the bill gives the New York State Athletic Commission until Sept. 1 to “adjust” the requirement. Lou DiBella of DiBella Entertainment has said he won’t be scheduling any of his Broadway Boxing series in New York beyond September until the issue is resolved.

It comes at a time when DiBella Entertainment and PIX11 have partnered to broadcast Broadway Boxing, beginning with a 90-minute special Saturday night after the Mets game.

Just who is in charge at the Commission is another matter.

David Berlin was removed as executive director on Monday and replaced by Eric Bentley. In a letter to Gov. Cuomo dated May 16 and obtained by The Post, Berlin wrote he was given no reason for his reassignment to the Commission’s legal department other than there had been “too much turmoil’ during his tenure. Berlin declined the reassignment and charged his removal was because “I spoke fully and honestly with the Inspector General’s Office regarding ongoing misconduct at the New York State Athletic Commission.”

He charged in the letter to Cuomo that current Chairman Tom Hoover put his son on the Commission’s credential list “under a pseudonym” to secure free entry.

Berlin also charged that Hoover helped a friend become a licensed professional boxing judge “despite the fact the individual had no prior experience in the sport.”

Berlin also pointed out a final report on an investigation by the Inspector General’s Office into the November 2013 fight when Magomed Abdusalamov suffered a severe brain injury has not yet been released in order “to suppress what are sure to be negative findings about the Commission.”

State employees, including members of the NYSAC, are not allowed to speak the media, referring calls to the Governor’s office, a policy that took root after Abdusalamov, a heavyweight from Russia, was hurt and filed an ongoing lawsuit against the Commission. The secrecy has created even more uncertainty about who’s actually in charge.

Meanwhile, boxing goes on everywhere else. Showtime will offer three world title fights on Saturday from the Cosmopolitan in Las Vegas. Erislandy Lara of Cuba defends his WBA super welterweight championship against Vanes Martirosyan, while twins Jermall and Jermell Charlo are also on the card. Jermall, the IBF super welterweight champ, defends against former 154-pound champion Austin Trout of Las Cruces, N.M., while Jermell and John Jackson battle for the vacant WBC super welterweight title.